it assumes there's no value to management
No, rather, most of us don't think there's as much value to management
as management thinks.
There's a BIG difference, there.
It just happens that management is usually in a position to "manage" compensation across the organization, and I'm pretty damn sure that's quite inappropriate, because of the whole illusion that because they are "in charge" they are "most important". That's not how it actually works, though.
Management produces all the value of a single "vital" contribution to the function of the business.
So does a dishwasher at a restaurant.
Hidden within this is the implicit assumption that everyone can produce at least as much value as it takes to sustain themselves.
No, the reality is that everyone, pretty much everyone
can in fact do what it takes to sustain themselves in the conditions humans have existed through most of time.
In fact, it's pretty fucking easy.
I mean, there's that whole "most people die before they turn 1" problem, but that's not the point here.
The problem is that the resources that are required for people to do the things they have always done do not exist in the places or quantities necessary for people to live like that any more.
Instead, humans did something else, besides being (hopefully) excessively patronizing to people who should know such things:
We exchanged things like hunting and gathering and fishing and basket weaving for more abstract roles like "cleaning floors" and "washing dishes".
One farmer's hard work produces, for example, the raw materials capable of feeding a very large population. Each of us, for all our effort seems very slight, should be accorded at least the benefit of the doubt that their contribution to all this is equivalent to their sacrifice of not being able to be, say, a farmer or a gatherer or a basket weaver or flintknapper or arrow maker or sinew drier or some other task that, frankly, isn't that hard and yet is absolutely vital to the excess provided by specialization.
If someone wants to go to school and has every reason to think they would be good there but simply lack the means -- and many such people exist in the world -- then why should we deprive these people of their power to access the "value" that is their birthright?
And what do you do for the persons who do all that, and find themselves back sweeping floors and washing dishes because there just aren't the positions open that require software engineering anymore because dumbshits think an AI that isn't a cohesive accountable individual with an enduring ability to remember the reasons behind their choice (if any such reason existed) in designing software can somehow produce shippable code?
What do you do then?
These people are NOT incapable of "producing value", they just aren't necessarily capable of accessing a seat where the value they can produce will be produced!
So all you're doing here is abandoning the very obligations we have to these people to give them a share of the ridiculous excess on behalf of the fact that they are at least trying.
And frankly, if someone stops trying along the way because that contract continues to be broken? Then it's our obligation to try to fix that through restoring faith in that contract at the expense of society at large.
If you think welfare is the government's job, then the fruits of "growth" are the government's tax to pay for it, and force "the employers" through collection of taxes on "value" rather than "payrolls" to fund it because
ultimately, it is the employers who are breaking the contract to share in their growth of excess.